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Tesla Motors released its fourth quarter financial report and despite showing a net loss during the period, the automaker posted strong results in other areas including deliveries and gross income.

The news comes despite reporting a net loss of $16.3 million in the fourth quarter, though that number is an improvement from the $89.9 million it lost during the same period in 2012. Still, total revenue rose to $615.2 million for the quarter compared to $306.3 million during fourth quarter 2012, while deliveries totaled 6892 units.

Following the news, Tesla stock spiked by about 15 percent to over $200 a share, The Wall Street Journal reports. Additionally, total shares have jumped by almost 400 percent compared to last year.

Tesla’s forecasts for 2014 also contributed to the surge in stock value. For starters, the automaker predicts it will sell 35,000 Model S vehicles this year, which is a 55 percent-jump from the 22,477 units it delivered in 2013. Contributing to the expected jump in sales is Tesla’s expansion into China, where it expects to start deliveries this spring, along with the necessary supporting infrastructure like service centers and Supercharger stations.

The report also included an update on the Model X crossover, which is slated to arrive in showrooms in Spring 2015 and should eventually outsell the Model S thanks to a lower price tag. Tesla also announced that next week it will share details regarding the “Tesla Gigafactory,” a facility that will streamline and increase battery pack production for future cars.

“The gigafactory is more of a long-term development over the next three years,” CEO Elon Musk said in an interview with Bloomberg. The plant will include multiple partners and “there’s a likelihood Panasonic would be a part of it.”